Global Crypto Regulations Strengthened by Financial Stability Board Amidst Turmoil

The Financial Stability Board (FSB) has called for tougher global regulations on cryptocurrencies to safeguard client assets and prevent conflicts of interest. The FSB's recommendations aim to address the alleged bad behavior and volatility in the crypto sector, with a focus on separating activities and functions of major crypto conglomerates. The FSB cited recent incidents involving companies like FTX and Celsius as examples of the need for stricter rules. Different global approaches to crypto regulation exist, with the EU crafting tailored laws and the US seeking to apply existing rules. The FSB's recommendations aim to provide a flexible framework that encourages compliance while not stifling innovation.